property tax rate in black hawk county (Waterloo, Cedar Falls: sales, credit)

[fatbench]

I know the property tax rate in the city of cedar falls is 13.64$/k, but who knows what is the rate for the black hawk county?thanks,

[WoodwardGirl]

The property tax for the unincorporated portions of the county is $7.67/k for fiscal year 2007. It's shown in the budget at co.black-hawk.ia.us/news/FY07%20Budget%20Plan.pdf I see there was a claim in the WCF Courier a few days ago that it is the lowest in the state. WCFcourier.com is the Waterloo-Cedar Falls homepage for all local news, sports, entertainment and events happening in the Cedar Valley

It sounds as though it used to be the same as for cities, but now local option sales tax money is used to reduce the rate: WCFcourier.com is the Waterloo-Cedar Falls homepage for all local news, sports, entertainment and events happening in the Cedar Valley

Interesting!

[fatbench]

Do you mean the total property tax rate for cedar falls is just the city property tax, not city plus county??

[WoodwardGirl]

No, the total property tax rate would be the consolidated property tax rate, which is the sum of all the taxing entities that apply to a property -- the county, the city, any schools, etc. Here's the state's discussion on the subject: An Introduction to Iowa Property Tax - Iowa Dept of Revenue

Here are the tax rates for Black Hawk County, by cities and towns or by township for those not in towns, showing who gets what portion of the amount taxed per $1000 assessment: News (Select #13, Tax Rates)

[fatbench]

why the homestead credit is so high? Does that mean you dont have to pay a penny? Did not get it though!

[WoodwardGirl]

The Homestead Credit amount shown in the table is a total dollar amount, not per $1000. Here's the explanation of how it works:

Iowa Homestead Credit

Description: Originally adopted to encourage home ownership through property tax relief. The current credit is equal to the actual tax levy on the first $4,850 of actual value.

Eligibility: Must own and occupy the property as a homestead on July 1 of each year, declare residency in Iowa for income tax purposes and occupy the property for at least six months each year. Persons in the military or nursing homes who do not occupy the home are also eligible.

Filing Requirements: Claim must be filed on or before July 1. Claim is allowed for successive years without further filing as long as eligible.

Same with the military credit.

If you are eligible for a homestead credit, you have to go to the Treasurer's office and file for it the first time. So each time you buy a home that you will live in, you go and file for it.

[fatbench]

so the actual property tax rate for residential(city plus county) are pretty high, something like 25$/k.

Not sure if I read correctly.

[WoodwardGirl]

If you go to the tax table ("News" link above, then $13), it depends on what district you are in in Cedar Falls, but it runs about $38-$40 per $1000, then some dollars off for homestead and military (looks like up to about $300 total for most areas).

Here is a table for consolidated tax rates for Iowa's larger cities: http://www.icgov.org/cityfacts/documents/GovTax2.pdf (broken link) Cedar Falls is about in the middle.

If comparing between states, one thing to remember is that a $500,000 house in New York might be a $50,000 house here. So, since property taxes are a percentage, you pay a lot less in Iowa on the "same" house. Here is a ranking by state of the actual rates, but remember that property valuation also has a lot to do with things: Property taxes: Where does your state rank? - MSN Money